Evening Briefing

Could it be? U.K. and European Union negotiators in Brussels are closing in on a draft Brexit deal, and they’re actually optimistic that they can reach a breakthrough. Any accord will of course hinge on whether Prime Minister Boris Johnson has the support of various groups, not the least of which is Parliament. Still, the pound surged on the news to its highest level in almost five months. U.S. stocks rose as well because of some positive earnings news. —David E. Rovella

Here are today’s top stories

The first round of those earnings showed that months of market turmoil have pushed JPMorgan even further ahead of its rivals.

Rudolph Giuliani, the embattled ex-mayor and lawyer at the center of the impeachment investigation of his client, President Donald Trump, said he would defy a House subpoena. Giuliani’s lawyer also quit Tuesday, saying he was only hired to say his client wouldn’t comply.

Democracy protesters pushing back against China’s influence in Hong Kong aren’t just focusing on Carrie Lam and the police. They’re also targeting mainland-based banks and brands with fire bombs, metal bars and spray paint.

Our writers at Bloomberg Opinion warn that, no matter what happens with the proposed partial trade deal between China and the U.S., a trade war recession is on the way, and it probably can’t be stopped.

About that trade deal Trump announced Friday: Beijing wants a rollback in tariffs before it will agree to buy as much as $50 billion of American agriculture products (which was, according to Trump, part of the bargain).

What’s Joe Weisenthal thinking about? The crisis at WeWork will end up costing thousands of people their jobs, as the company slashes headcount. In a different market environment, where public equity investors would be willing to fund years more of losses, the firm would probably still be growing its payroll. Such is the feedback loop between financial conditions and markets and real world consequences for workers and investment. WeWork’s saga may be extreme, Joe says, but it’s one being played out all over the place.

What you’ll need to know tomorrow

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